a farmer borrowed rs 25000 from his friend at 8 percentage per annum after 2 year he settled the account by paying rs 12000 cash and buffalo for the balance amount. find the price of buffalo.
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Answer
- Cost of the Buffalo = Rs. 17,160
Explanation :
Given :
- Principal = Rs. 25,000
- Rate = 8 %
- Time = 2 years
- The farmer settled the account by paying Rs. 12,000 cash and buffalo
To find :
- The price of Buffalo
Knowledge required :-
- Formula to find amount :-
⠀⠀⠀⠀⠀⠀Amount = P[1 + r/100]ⁿ
where,
- P = Principal
- r = rate
- n = time
Solution :
⠀⇒ Amount = 25,000[1 + 8/100]²
⠀⇒ Amount = 25,000[1 + 4/50]²
⠀⇒ Amount = 25,000[1 + 2/25]²
⠀⇒ Amount = 25,000[(25 + 2)/25]²
⠀⇒ Amount = 25,000[27/25]²
⠀⇒ Amount = 25,000 × 27/25 × 27/25
⠀⇒ Amount = 1,000 × 27 × 27/25
⠀⇒ Amount = 40 × 27 × 27
⠀⇒ Amount = Rs. 29,160
Amount = Rs. 29,160
According to the question,
⠀⇒ 12,000 + Cost of Buffalo = Amount
⠀⇒ 12,000 + Cost of Buffalo = 29,160
⠀⇒ Cost of Buffalo = 29,160 - 12,000
⠀⇒ Cost of buffalo = 17,160
Cost of Buffalo = Rs. 17,160
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